Tag Archives: foreign exchange markets

GBP/USD: plan for the European session on April 10. Bulls stubbornly prepare a breakout of 1.2484, but not today

To open long positions on GBP/USD, you need:
Given that many markets are closed today due to Good Friday, buyers of the British pound are unlikely to be able to break through the important resistance of 1.2484. The task of the bulls will be to break through and consolidate above this range, which will result in dismantling the bears’ stop orders and further, a powerful growth of the pound with reaching highs of 1.2605 and 1.2686, where I recommend taking profits. If the pair declines, I advise that you return to long positions only after the test of the lower middle of the side channel of 1.2363-83, provided that a false breakout is formed there, or buy GBP/USD immediately for a rebound from a large level of 1.2285, counting on a correction of 40-50 points within the day. Since there are no important fundamental statistics in the first half of the day, amid low trading volume, speculators can take control of the market, which can lead to a sharp movement in one direction or another, with the same sharp return to a fair price.
To open short positions on GBP/USD, you need:
Sellers of the pound could not regain the…

Dollar Loses Ground After Fed Announces Massive Stimulus

The U.S. dollar lost ground against its peers on Thursday after the Federal Reserve set up a $2.3 trillion stimulus program to support the economy amid the coronavirus pandemic. The Federal Reserve said this morning that it will provide up to $2.3 trillion in loans to assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the irus pandemic. The U.S. Federal Reserve said today that it will provide up to $2.3 trillion in loans to assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic. “Our country’s highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus,” said Federal Reserve Chair Jerome Powell. He added, “The Fed’s role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible.” The dollar index dropped to a low of 99.36 after the Fed came out with its stimulus announcement. It…

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Oil Futures Settle Sharply Lower Ahead Of OPEC+ Decision On Output

Crude oil prices retreated after early gains and ended sharply lower on Thursday with traders looking ahead to the outcome of the meeting between OPEC and its allies. The OPEC and its allies, collectively known as OPEC+ are engaged in talks at the extraordinary meeting today to discuss scaling back crude production, aiming to stabilise oil prices. Although Saudi Arabia and Russia are reportedly discussing to substantially reduce their outputs, it is being felt in some circles that the reduction will be just around 10 million barrels per day, much less than the required quantum of cut. The meeting to discuss production cuts was earlier scheduled to take place on Monday, but got postponed to Thursday due to disagreements between some leading members. West Texas Intermediate Crude oil futures for May ended down $9.29, or 2.33%, at $22.76 a barrel, well off the day’s high of $28.36. Brent crude futures ended lower by about 4.1% at $31.48 a barrel today, after rising to $36.40 earlier in the session. According to a report from Baker Hughes, the number of active U.S. rigs drilling for oil dropped by 58 to 504 this week. Last week, the rig count had dropped by 62….

Treasuries Close Higher Following Significant Volatility

Treasuries showed wild swings over the course of morning trading on Thursday before moving to the upside in the afternoon. Bond prices gave back some ground going into the close but managed to remain in positive territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3.5 basis points to 0.729 percent. The volatility on the day came as traders weighed some troubling economic data against the Federal Reserve’s latest efforts to support the economy. Early in the day, the Fed took additional actions to provide up to $2.3 trillion in loans to support the economy during the ongoing coronavirus pandemic. The Fed said the funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic. Meanwhile, the Labor Department released a report showing another jump in first-time claims for unemployment benefits. The Labor Department said 6.606 million people filed for unemployment last week, a decrease of 261,000 from the previous week’s upwardly revised level of 6.867 million but well above economist estimates for 5.250 million new claims. The spike in initial jobless claims in…

EUR/USD: euro needs consensus

The news that the sixteen-hour talks of the Finance Ministers of the Eurozone countries ended without result, unpleasantly surprised market participants and did not allow the EUR/USD pair to continue the rally even against the backdrop of the rise in US stock indices.In an environment where each leader is trying to pull the blanket over himself and prove that it is his country that has suffered more than others from the coronavirus epidemic, it is difficult to count on collective help. We have to be content with only internal resources, which leads to an increase in the national debt to GDP and even deeper drowns the already underwater economy.According to experts, the failure of EU members to agree on coordinated efforts in the face of a severe crisis will send a very negative signal to investors and make them doubt the ability of Europe to remain united.”Even if the Eurogroup does agree on something, this may only be a temporary solution, which, even on a large scale, will not set a stable alignment in the EU financing conditions and will not pave the way for debt generalization,” said John Hardy, chief currency strategist at Saxo Bank.”Either the economic and monetary union…